ADP Investor Communication Services (ADP ICS), a division of Automatic Data Processing's (NYSE: ADP) Brokerage Services Group, announced that HSBC's Global Investor Services (GIS) has commenced live operations with ADP ICS's electronic proxy services for global markets, ICS Global. GIS is a division of HSBC Bank plc and part of HSBC Securities Services (HSS).
GIS is using the ICS Global service for its UK-based global custody operations. The service will enable GIS to provide its institutional investment clients, including pension funds, fund managers, insurance companies and local authorities, with global meeting notifications and proxy voting for holdings in 43 international markets.
The ICS Global service uses ADP's ProxyEdge range of software tools which can substantially reduce the volume of paper used during "Proxy Season". It provides electronic delivery of meetings, agendas and voting plus extensive record keeping and reporting functionality. The platform also supports many sources of proxy voting research and advice.
"ICS Global's broad market coverage, real-time automation and cost efficiencies have enabled us to further enhance the services that we provide to our institutional clients," said Gary Woolfries, Head of Operations, GIS.
Prior to using ICS Global, GIS used a domestic services product of ADP. "We're delighted that GIS has chosen to extend their services using our platform," said Bruce Babcock, President of ADP Investor Communication Services, Europe and Asia. "We look forward to supporting their global requirements through our proven multi-market outsourcing services."
Last year ICS Global processed over one million meeting notifications (ballots), and over 440,000 vote instructions across more than 37,000 meetings in 85 markets. This is in addition to the 237.4 billion US shares processed by ADP ICS.